ECON 2020 – FINAL EXAM REVIEW Exam 1 Review Scarcity * A situation in which unlimited wants exceed the limited resources available to fulfill those wants. * Scarcity leads to CHOICE Choice * A situation caused by scarcity. * Leads to OPPORTUNITY COST Rational Choice (Marginal Cost & Benefit) * Rational consumers will use all available information as they act to achieve their goals * Marginal Benefit – The benefit that arises from an increase in an activity
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co 550 Assignment 3 Assignment 3 1. Some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn’t matter which side it is as long as everyone chooses the same side. Otherwise‚ everyone may get hurt. a. Does either player have a dominant strategy? Explain. I don’t believe that either player has a dominant strategy. Dominant strategy is “a strategy that results in the best outcome or highest payoff to a given player no matter what action
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CLICK TO DOWNLOAD ECO 550 Final Exam 1. The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____. 2. In the linear breakeven model‚ the difference between selling price per unit and variable cost per unit is referred to as: 3). Break-even analysis usually assumes all of the following except: 4).The short-run cost function is: 5). In the short-run for a purely competitive market‚ a manufacturer will stop production when: 6). In the long-run‚ firms
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CLICK TO DOWNLOAD ECO 550 FINAL Exam 1). Evidence from empirical studies of short-run cost-output relationships lends support to the: 2). Break-even analysis usually assumes all of the following except: 3). In determining the shape of the cost-output relationship only ____ depreciation is relevant. Answer 4). In the linear breakeven model‚ the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by: 5). A firm in pure competition would shut
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CLICK TO DOWNLOAD ECO 550 FINAL EXAM 1. The Prisoner’s Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate‚ what makes it difficult for them to achieve the cooperative solution (both not confessing)? 2. A key to analyzing subgame perfect equilibrium strategy in sequential games is 3. In making promises that are not guaranteed by third parties and in imposing penalties that are not enforced by third parties‚ all of the following
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CLCIK HERE TO DOWNLOAD ECO 550 FINAL EXAM 1. Which of the following could be a linear programming objective function? 2. Which of the following could not be a linear programming problem constraint? 3. Types of integer programming models are _____________. 4. The production manager for Beer etc. produces 2 kinds of beer: light (L) and dark (D). Two resources used to produce beer are malt and wheat. He can obtain at most 4800 oz of malt per week and at most 3200 oz of wheat per week respectively
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Ch. 26 1) List and explain the characteristics of the market structure known as monopolistic competition. 2) List some examples of monopolistically competitive firms. 3) Explain‚ graphically and verbally‚ how a firm in monopolistic competition derives its demand curve and marginal revenue (MR) curve. 4) Explain‚ graphically and verbally‚ how a firm in monopolistic competition determines what quantity to produce and what price to charge in order to maximize its profits. 5) Explain the impact
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CARLETON UNIVERSITY Department of Economics ECON 4302 Competition and Regulatory Policy Instructor: D.G. McFetridge Fall Term 2011 Office: A806 Loeb Building Phone: 613-520-2600 ext. 3748 E-mail: donald_mcfetridge@carleton.ca Office Hours: Mondays‚ 2:30 p.m. – 3:30 p.m. and Thursdays‚ 11:30 a.m. – 12:30‚ or by appointment COURSE WEB SITE: www.carleton.ca/~dmcfet/courses PREREQUISITE: ECON 2030 with a grade of C- or higher or ECON 2003 (no longer offered) with a grade of C- or higher. COURSE FORMAT:
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ECO 550 Final Exam Answers http://homeworkmonster.com/downloads/eco-550-final-exam-answers/ ECO 550 Final Exam Answers Question 1 The short-run cost function is: Answer where all inputs to the production process are variable relevant to decisions in which one or more inputs to the production process are fixed not relevant to optimal pricing and production output decisions crucial in making optimal investment decisions in new production facilities In a study of banking by asset size over
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University of Southern California Econ 513 Spring 2012–2013 Prof. Sakata Final Examination Date: Tuesday‚ April 14‚ 2013 Instruction: (a) This is a two-hour‚ closed-book exam. Put away everything but pens‚ pencils‚ erasers‚ and a numeric calculator. (b) Write your name and student ID on the front pages of the exam and its appendix‚ and continue to read this instruction. Do NOT look at other pages‚ however‚ until you are told to start to write the exam. (c) Solve all problems. (d) Fully
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